"Cooperation between China and Europe can be a role model of global engagement," said the Austrian scholar.

He said stronger commitment in initiatives in the UN and in the finance of international organizations would be an area where China and Europe could cooperate.

"Europe should welcome the positive approach of China towards globalization, and its ability and willingness to invest in Europe," said Aiginger.

He believes Europe and China can cooperate in shaping globalization in a way that meets social, ecological standards, that prioritizes the fight against corruption and works against the dominance of giant firms.

"Especially interesting would be a large investment of China in euro-dominated private and public or mixed bonds. Improving infrastructure in the European neighborhood could be made in a cooperative way," he said, noting that both European and China's investors have different priorities and perspectives.

In the Austrian scholar's eyes, Europe and China are already the leaders in alternate non-carbon technologies, for example, in the development of electric cars.

"This fight against climate change would benefit if there is some coordination but also innovation," said Aiginger.

In response to the Belt and Road Initiative, he said anything which intensifies the trade and the exchange of technology and ideas between China and Europe is positive for Austria.

Aiginger proposed a joint commission to analyze the barriers for investment between China and Europe, aimed at anticipating and stemming misinterpretations.

A bilateral investment agreement between the EU and China would be highly welcomed, he noted.